HIERARCHY OF ENTREPRENEURIAL RISKS IN REAL ESTATE INVESTMENT PROJECTS

Abstract

The article examines the peculiarities of the formation of entrepreneurial risks in real estate investment projects. The relevance of improving risk management approaches is substantiated by the high level of uncertainty in the investment environment, changes in the structure of the real estate market, the transformation of investment activity, the need to implement large-scale post-war recovery programs, and the attraction of substantial investment resources. It is determined that the current functioning of the real estate market is characterized by the interaction of macroeconomic, institutional, market, and internal organizational factors, which significantly complicates the investment decision-making process. The study proposes a hierarchical classification of entrepreneurial risks based on their grouping into sectoral, market, project, and internal organizational levels. A structural and functional model of risk hierarchization has been developed, illustrating the mechanisms of risk emergence, interaction, and sequential transformation across real estate market sectors, the primary and secondary markets, risk concentration nodes, and the investment project itself. The proposed approach makes it possible to identify cause-and-effect relationships among different groups of entrepreneurial risks, determine critical points of risk concentration, and provide a comprehensive assessment of the risk profile of a real estate investment project. The scientific novelty of the research lies in improving the theoretical and methodological approach to the hierarchization of entrepreneurial risks through their systematization in accordance with the logic of the real estate market functioning and by identifying causal relationships between individual risk groups. The practical significance of the proposed approach lies in the possibility of its application by development companies, investors, financial institutions, and public authorities in the formation of risk management systems, assessment of investment project risk profiles, identification of priority areas for managerial intervention, and enhancement of the validity of investment decision-making in the context of Ukraine's economic recovery. The research findings can serve as a methodological basis for the development of adaptive risk management models for real estate investment projects aimed at improving their resilience, investment attractiveness, and implementation efficiency under the conditions of wartime and post-war economic transformation in Ukraine.